East Loop Office Tower Sells for $182M

The new owner has successfully repositioned other assets in the CBD.

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303 East Wacker has not gotten a true renovation since 1999.

CHICAGO—An affiliate of Beacon Capital Partners has bought 303 East Wacker, a 944,000-square-foot riverfront office tower in the East Loop submarket, from Franklin Street Partners for $182 million. It’s another sign that investors now see the East Loop, once an afterthought in Chicago’s office market, as a vibrant and attractive neighborhood sought out by creative tenants. And that gives Beacon an excellent opportunity.

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

Torrey Square posted the lowest base rent per-leased-square-foot in Whitestone’s wholly-owned portfolio. Since its IPO in 2010, Whitestone has improved its base rent per leased square foot by over 80%.